“Average” & “Median” percentage increase for Albuquerque (1-year comparison) * NEW HOME BROCHURE BASE ASKING PRICE (Single Family Homes) June 2005 average = $205,319 May 2006 average = $234,620 June 2005 median = $171,950 May 2006 median = $200,990 14.3% increase 16.9% increase
Current “Average” & “Median” percentage differences between Albuquerque and Rio Rancho (as of May 2006) * NEW HOME BROCHURE BASE ASKING PRICE (Single Family Homes) Current ABQ average = $234,620 Current RR average = $271,719 Current ABQ median = $200,990 Current RR median = $242,484 +15.8% difference +20.6% difference
METAMORPHOSIS DUKE CITY’S GROWTH WILL BE ACCELERATED BY FOUR KEY TRENDS.
FOUR KEY TRENDS 1.CALIFORNIA BUYERS 2.DEMOGRAPHICS – FOUR BYTES 3.E* VILLAGE -- DEMOGRAPHICS 4. THE MAGIC MILLION MARK.
ENTERTAINMENT Retail is entertainment. Technology is entertainment. Dining is entertainment. Urban Villages need to be built around entertainment venues.
ENTERTAINMENT It used to be the home entertainment center that was important. Now the home must be in the center of entertainment.
DEMOGRAPHICS Every 7 seconds another Baby Boomer turns 50.Every 7 seconds another Baby Boomer turns 50.
DEMOGRAPHICS OVER 50 …OVER 50 … DUAL INCOMESDUAL INCOMES RISING HOME PRICESRISING HOME PRICES RECORD LEVELS OF INHERITANCE.RECORD LEVELS OF INHERITANCE.
EQUALLY IMPORTANT TIME IS THE MOST PRECIOUS COMMODITY FOR THESE PEOPLE.TIME IS THE MOST PRECIOUS COMMODITY FOR THESE PEOPLE. LOCK ‘N LEAVELOCK ‘N LEAVE SECOND HOMESECOND HOME DO IT FOR ME andDO IT FOR ME and WALK TO ENTERTAINMENTWALK TO ENTERTAINMENT
THE MAGIC MILLION MARK WHEN THE AFFORDABILITY CRUNCH REALLY HITS, THAT’S THE FIRST STEP TO CONDO- CONVERSIONS.